Insurers who want to do business in India will be interested to learn that the largest mobile network in the country, Jio Platforms, has formed a partnership with Qualcomm Ventures. The aim? Reliable 5G connectivity for every business, large and small, with smooth online payments processing. For those active in the micro payments insurance area of the economy, this is a big step forward. Here’s the press info;
Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), announced today that Qualcomm Ventures,the investment arm of
Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest upto ₹ 730 crore in Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. Qualcomm Ventures’ investment will translate into 0.15% equity stake in Jio Platforms on a fully diluted basis.
The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers. Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth. Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G.
With more than $62 billion in cumulative research and development spend, 35 years of innovation and over 140,000 patents and patent applications, Qualcomm is committed to fuelling innovation and fostering Indian technology advancement.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”
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